Credit Approval Memo definition

Credit Approval Memo. With respect to an Asset, the internal memorandum produced by Seller or an Affiliate of Seller in connection with Seller’s or such Affiliate’s internal approval process for the origination or purchase of such Asset.
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Credit Approval Memo means a memorandum describing each applicable Eligible Asset (including a summary of the potential transaction benefits and all material underwriting risks, all Underwriting Issues and all other characteristics of the proposed transaction that a reasonable buyer would consider material) and approved by Seller’s investment committee, granting credit approval for Seller’s transaction with respect to each applicable Eligible Asset.
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Credit Approval Memo means the collateral summary prepared in accordance with the normal credit review procedures of Seller for submission to each Rating Agency with respect to each Eligible Asset for contribution to the CDO under the CDO transaction, substantially in the form provided to Buyers prior to the Closing Date or in such other form as shall be acceptable to Buyers.
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Examples of Credit Approval Memo in a sentence

  • Except as included in the Credit Approval Memo, (i) no interest shortfalls have occurred and no realized losses have been applied to any CMBS or otherwise incurred with respect to any mortgage loan related to such CMBS nor any class of CMBS issued under the same governing documents as any CMBS, and (ii) Seller is not aware of any circumstances that could have a material adverse effect on the CMBS.

  • Seller shall deliver to Buyers: (i) with respect to any New Asset that is a Pre-Existing Loan, each of the Purchased Loan Documents, except Purchased Loan Documents that Seller expressly and specifically disclosed in Seller's Credit Approval Memo were not in Seller's possession; and (ii) with respect to any New Asset that is an Originated Loan, each of the Purchased Loan Documents.

  • Except as included in the Credit Approval Memo, there is no document that by its terms modifies or affects the rights and obligations of the holder of such CMBS, the terms of the related pooling and servicing agreement or any other agreement relating to the CMBS, and, since issuance, there has been no material change or waiver to any term or provision of any such document, instrument or agreement.

  • All information contained in the related Credit Approval Memo (or as otherwise provided to Buyers) in respect of such CMBS is accurate and complete in all material respects.